Waaree Renewable Under Pressure: Revised Solar Order Slashed by Rs 212 Crore
Shares of Waaree Renewable Technologies Ltd are in focus today, on the back of receiving a revised Letter of Award (LoA) for its grid-connected ground-mounted solar power project. The project, with a capacity of 704 MWac/1,000 MWp, has undergone adjustments due to evacuation constraints and optimization of DC overloading.
As a result, the contract value has been reduced from Rs 1,252.43 crore to Rs 1,039.60 crore (excluding taxes), marking a downward revision of Rs 212.83 crore. The project is expected to be completed in financial year 2026-27. Renewable energy sector in India is growing rapidly, with the government setting ambitious targets for clean energy production.
Financial Performance
Financially, Waaree delivered strong performance in Q2FY26, reporting consolidated revenue of Rs 774.7 crore, a 47.7% increase from Rs 524.4 crore in Q2FY25. Profit after tax surged 117.4% to Rs 116.3 crore, while EBITDA more than doubled to Rs 157.9 crore, with margins improving to 20.4% from 13.6% a year earlier. For H1FY26, revenue rose 81.1% YoY to Rs 1,377.9 crore, and PAT jumped 148.1% to Rs 202.7 crore.
Despite the financial adjustment, the 704 MWac project underscores Waaree’s strong position in India’s solar market. The scale of the project highlights the company’s ability to execute large solar installations, aligning with India’s clean energy transition goals.
Impact on Investors
Waaree Renewable Technologies shares are trading 2.5% lower, at Rs 906.50 apiece. The shares have fallen 27.58% in 12 months, and 6.33% just this year. No brokerages have coverage on this stock currently. Stock market analysis suggests that investors should keep a close eye on the company’s future projects and financial performance.
Conclusion
While the order value has been revised, the 704 MWac project remains a significant opportunity in the country’s growing solar energy market. As the Indian government continues to promote rooftop solar energy and other renewable energy sources, companies like Waaree Renewable Technologies are well-positioned to benefit from the growing demand for clean energy.
Investors looking to diversify their portfolios and invest in the renewable energy sector should consider the long-term potential of companies like Waaree Renewable Technologies. With the Indian government’s commitment to reducing carbon emissions and promoting clean energy, the demand for solar power systems is expected to continue growing in the coming years.